Looking at pitchfork on XTZ, price is trending downward and nearing pitchfork support. RSI is sub-35 and indicates bullish divergence which should confirm a reversal.
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Update: Price broke below first support. Next support is fib just below the pitchfork. Let's see how this holds up.
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Well, we got 6% bounce off of the fib. Let's see if there's continuation.
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XTZ still hasn't broken upward, but supports as noted above and in comments below seem to be holding true. High volume profile at $3.80 provided strong support to produce a decent bounce back toward lower bound of pitchfork. If it continues upward back into pitchfork we may still reach my targets as noted.
Zooming out on 6h also shows we're still in a larger triangle pattern. This could potentially consolidate further into the triangle and settle around $4.05 until making a meaningful move.
I still believe we might see new ATH before end of this month, March.
lobwege
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Makes sense to me. Maybe it'll dip a bit lower than support you indicated, but I'd say you nailed it.
javrick
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@lobwege, thanks for the comment. I agree it may dip a little lower, as there's two levels of support: 1) the bottom of the pitchfork, and 2) the .618 fib just .10 lower. In addition, you may notice a significant increase in volume profile near 3.80 which could provide even more support. That said, seems as if there's a strong likelihood of a bounce given multiple support - that is, unless BTC falls off a cliff bringing down alts with it.
rjbauer85
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Whomp whomp, back down to 3.30 it goes.
javrick
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@rjbauer85, the first couple supports failed, but $3.80 still held. Bears keeping Bulls honest. I see sufficient supports at $3.60 and $3.40 holding before we see a drop to $3.30.
rjbauer85
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@javrick, I agree with your new analysis actually. The strong bounce has me convinced.